Scaramucci’s SkyBridge Selects Fund Administrator for Opportunity Zone REIT
SkyBridge Capital, an alternative investment firm co-founded by Anthony Scaramucci, has selected the sole provider of global fund administration services for its SkyBridge Opportunity Zone Real Estate Investment Trust.
SkyBridge Capital, an alternative investment firm co-founded by Anthony Scaramucci, has selected BNY Mellon to be the sole provider of global fund administration services for its SkyBridge Opportunity Zone Real Estate Investment Trust, a private non-traded REIT that seeks to raise $3 billion to invest in certain low-income communities designated as opportunity zones.
BNY Mellon’s real estate fund administration global platform has $130 billion of assets under administration, representing close to 80 funds across more than 20 clients serviced by 250+ real estate professionals.
SkyBridge said that it selected BNY Mellon given its “strong performance” as its existing custody provider, as well as its experience in real estate administration.
“Having worked with BNY Mellon for years on our flagship fund-of-hedge-funds product and given BNY Mellon’s experience across asset-types, and expertise at fund structuring, they were the clear choice from day one for SOZ REIT,” said Daniel Barile, partner and portfolio manager at SkyBridge.
The opportunity zone program was passed into law with bipartisan support as part of the Tax Cuts and Jobs Act of 2017 in order to stimulate economic development in distressed communities across the country by offering potentially significant tax benefits to investors that make long-term investments in areas designated as qualified opportunity zones.
BNY Mellon is a global investment firm that provides financial services for institutions, corporations or individual investors. As of December 31, 2018, BNY Mellon had $33.1 trillion in assets under custody and/or administration, and $1.7 trillion in assets under management. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).
SkyBridge Capital is a global alternative investment firm with $9.6 billion in assets under management or advisement. The firm manages multi-strategy funds of hedge funds, customized separate account portfolios, and provides hedge fund advisory services.
